Germany's ZEW research institute said today its gauge of investor confidence for Germany fell to the lowest in 13 months in August as uncertainty about rising oil prices and the global recovery increased.
The Mannheim-based think tank said its expectations indicator, based on a survey of around 300 analysts and institutional investors, dropped more than expected to 45.3, the lowest since July 2003, from 48.4 in July.
The mid-range forecast of 29 economists polled by Reuters on Friday was for a drop to 47.5. Forecasts ranged from 40.0 to 50.3.
"The assessment by financial analysts coincides with fears that the momentum of the economic recovery in this country will weaken because uncertainty about the global economy and the oil price has mounted," ZEW President Wolfgang Franz said.
A gauge of current conditions rose to minus 65.2, from minus 69.3 the previous month, while a measure of expectations for the 12-nation euro zone fell to 52 from 55.5.